And then people went to the banks and created a sector where they could essentially bet on that market or comodity failing or succeeding.
Mind you 4his is in a regulated and monitored system, and hoe many bubbles , or crashes or ponzi schemes or bernies havr their been and allowed to continue operating in that field.
This is an open invitation to those of you who have doubts regarding the stability of the crypto market to chime in with your thoughts.
Those of us who have dabbled in this market, typically for fun and with amounts that will not lead to financial ruin, are completely naive to the risks involved. We do know that the market is volatile and that this is a bubble.
So please, do school us. Your advice is not the least bit boorish. And furthermore, if you could time your dispensation of advice with a downward market trend for further effect, that would be great too. Extra points awarded for references to tulip mania, the dotcom bubble and intrinsic value.
Can’t we just send them to the lid on thread?
I’ll just add one post;
If you treat this as a long term investment with views that it’s as safe as a house then you are completely misinformed.
If you are doing this as a form of gambling and understand that you can win big or lose it all, then please carry on.
My worry is not with those who understand the risk but those who don’t.
Also please be aware that with wild swings like this you can also become addicted like a gambler.
Please just take care.
It’s nice that you are concerned, but I’m yet to come across any posts that suggests this is s sure thing, or that investing anything more than you are prepared to lose completely is a good idea. Those of us who are playing this game seem to have wide eyes open.
You might be (as well as others here), but if you look around on the net, a lot of people are in panic mode.
Oh cmon, why can’t this be my retirement plan?
I’ve taken out all of the special repayments from my home loan and invested it in Boats and Biatches coin.
What could go wrong?
Some Reddit discussion forums had details of suicide hotlines for people. Really sad.
I have no desire to ‘school’ anyone, but i admit to being bewildered at its appeal. If the considered crypto currency speculator concedes it’s tantamount to gambling, then what is its relative appeal vis-a-vis the thousands of other forms of legitimate gambling (sports betting, casinos, any one of thousands of financial instruments etc) that can give bigger returns even faster (e.g. you can easily make 100x on your money in <2 minutes in a horse race, or 36x your money on a single roulette wheel spin)?
The answer, i suspect, lies in the psychological fallacy which tends to underpin all bubbles - the perceived risk-adjusted return on crypto greatly outweighs that of other forms of gambling. The implication is that, despite ‘knowing’ or admitting that one is gambling to all intents and purposes, the very partaking in that behaviour betrays the rational recognition of gambling (where returns are distributed according to risk).
■■■■ me.
Not today wim. Too hot for that nonsense
Raincheck then.
It’s sunny here. No rain about.
Starting to think you’re just making excuses.
I agree. It was more a post for those who may not post or may not read every post in a thread.
Caring for my fellow bomber supporters.
This would be a much more fun place to be if everyone just agreed with each other and didnt share an opinion?
I just like to ridicule and show opposition to things I don’t understand.
Much like the majority of the posts by people in the Worsfold thread.
Agreed.
Great post Soulnet.